The ninth Asia-Europe Meeting (Asem) summit held this week in Laos, highlights the stark contrast between Asia's vibrant economies and Europe's subdued prospects.
But despite the continued economic struggles in Europe, European leaders have expressed confidence in Vientiane that the euro-zone community will be able to contain its ongoing debt crisis.
For their part, Asian countries have voiced commitment to staying the course in Asia and bolstering their own economies during the summit which began yesterday and wraps up today.
Both sides have agreed to push for a strong commitment against protectionism and for greater trade and investment cooperation.
During the meeting, Chinese Premier Wen Jiabao said Asia and Europe need to work together to strengthen the global economy. He said that four years after the global economic crisis, Asian and European countries have been steadily improving domestic economic policies while stepping-up cooperation in various fields which has helped promote global economic recovery.
He called on Asian and European nations to support free and fair international trade, enhance macroeconomic policy coordination, cooperate in science and technology, and ensure sound global economic governance.
Prime Minister Yingluck Shinawatra said during Asem that the government planned to push forward construction of the long-shelved high-speed train linking Thailand to China and to Europe through the so-called "Trans-Siberian" route. She said the continental rail link would make it easier to move goods back and forth between Asia and Europe.
European Council president Herman Van Rompuy and Mario Monti, the prime minister of Italy, told the meeting that Europe would emerge from its troubles stronger than before, although they admitted Europe's short-term economic prospects are not bright.
"Just as Asia bounced back from the Asian crisis in the late 1990s and emerged stronger, so will Europe," Mr Rompuy said. "You should not confuse weak growth in Europe with a permanent decline of Europe's potential."
Mr Monti said euro-zone economies are still transforming 15 years after creating a common currency. Like Europe, Asian economies are shifting from exports and domestic investment to household consumption underpinned by development of cities, he said.
Asem yesterday welcomed Bangladesh, Norway and Switzerland as new members, expanding membership to 51. Asem, formed in 1996, comprises 31 European members, including the European Commission and Russia, and 20 Asian members including the Asean Secretariat.